by David and Tracy Bell | Sep 16, 2023
Paying your home insurance through escrow can be convenient, but if you want to change insurance providers, sometimes it can become a little tricky. Among other things, you need to make sure your mortgage lender knows where to send your premium payment. Otherwise, your premium could go to the wrong carrier causing a lapse in your home insurance coverage. While you and your insurance agent can rectify the situation, it can cause your mortgage payments to drastically increase over the next 12 months if an escrow shortage occurs.
Step 1: Find a new carrier
If you want to change homeowners’ insurance companies, your first step is to shop around. In some areas of the country like Coastal Florida (for example), some quotes will exclude wind coverage. You have to ask questions and it’s best to work with an agent to make sure you compare apples to apples. Once you get quotes and choose a company, you can proceed to the next step.
Step 2: Confirm the mortgagee’s information
Before you purchase your new policy, you’ll need to know exactly how your mortgage lender should be listed. This is called the mortgagee clause and includes your lender’s official name and the address to all policy documents will be sent.
The mortgagee clause is not just your lender’s name and the address to which you send your monthly payments; most companies also have unique addresses for insurance documents.
To ensure you include the correct information on your new insurance policy, call your mortgage company to confirm. Then, relay the information to your new insurance carrier before you purchase your new policy. Often, the purchase of the policy automatically generates documents to be sent to the mortgage on file, so the mortgagee clause needs to be correct from the start to avoid confusion.
Step 3: Purchase your new policy
Once you know the mortgagee clause on your new policy is correct, you can go ahead and finalize the purchase of your new policy. An agent or company representative will walk you through the steps, but you’ll likely have to sign an application and any other required forms related to your coverage. Because you’ll pay your insurance with escrow, you will not need to make a payment out of pocket. Your new insurance company will send a bill to your mortgage institution.
Step 4: Cancel your prior policy
Now that you’ve purchased your new policy, contact your current home insurance carrier to cancel your prior policy as of the same date your new policy is effective. Ensuring the dates are the same will prevent any overlap or gap in coverage. Even if your new policy is effective in the future, it’s still a safer process to start the new policy before canceling your old one. That way, if there are any issues getting your new policy started, you still have coverage through your old policy.
Step 5: Notify your mortgage company
Your mortgage company should receive a cancellation notice from the prior insurer and a declaration page from the new insurer, but it can help avoid confusion by letting your mortgage company know that you’ve switched insurance providers. You’ll likely need to provide the cancellation date of the prior policy and the effective date of the new policy (which should be the same date to avoid a lapse), as well as the name of the new company and the policy number.
Step 6: Send any premium refunds to your new escrow account
You may receive a prorated premium refund from your prior insurer if you switched insurance carriers mid-term. If you switch companies at your renewal period, you won’t get a refund, as all of your annual premium has been used.
Generally, you should contact your mortgage company to find out how to send this money back to your escrow account. While you could keep it, doing so could mean that your escrow will have a shortage and you’ll have to pay higher monthly mortgage payments to rebuild your escrow amount.
by David and Tracy Bell | Sep 13, 2023
The concept of expecting the unexpected continues to serve insurance brokers and agents well as we move into the years to come. Why? Because preparing for potential risks in the future is your sweet spot.
It is no secret that substantial challenges have found many small businesses reinventing the way work gets done. Those business leaders who have prepared in advance are positioned for continued growth throughout uncertain risk environments.
Are all of your clients and prospects prepared for what the future may hold? In today’s shifting times, most employers find themselves waiting for the other shoe to drop.
Since the only thing that is certain is death and taxes, use this time to help your clients prepare for the what ifs of tomorrow and the unknowns. Now is the best time for insurance brokers and agents—like you—to help employer clients prepare for tomorrow’s potential risks with a flexible mindset.
Help Employer Clients Succeed
Become a hero they remember by anticipating your existing and prospective employer client needs. Help them transform potential pain into power. Remind them that things aren’t as bad as they seem because they could be worse. Here are four ways you are well-positioned to help them succeed:
Offer Your Expertise. Don’t wait for employers to knock on your door. Proactively reach out to remind them that you’re available to help with risk preparedness for the coming year. The counsel you provide today will help employers remember you when it comes time to renew any of their insurance policies.
Provide Meeting Options. If you haven’t made the shift already, set things up so you’re able to accommodate virtual and in-person meetings. Make yourself accessible in a variety of ways to connect in a way that makes your clients comfortable. Consider options like Zoom, Skype, FaceTime for live meetings. Send free personalized video messages using Loom. When it is possible, offer outdoor coffee meetings for a change of pace.
Offer Payment Plans. With shifting payrolls, paying monthly insurance premiums based on traditional workers’ compensation systems is next to impossible. Eliminate estimates and ensure accurate payments by offering a pay-as-you-go plans. Your clients’ cash flow will improve, and end-year audits will be much easier to conduct. Short-term periods that rely on weeks instead of months will save time and money.
Find Needed Solutions. Meet your customers’ needs right where they are by finding solutions to protect their shifting workforce. With different norms created from temporary positions and short-term commitments, risk management loss control programs are critical. Spend time educating clients about ways to cut costs and share risks.
Access Free Support. Realize you’re not in this new normal alone. Syndicated Insurance Resources is well-equipped to help you find what your clients need. With access to 150+ markets and more than 40 unique customized solutions for small businesses, we specialize in helping you meet small businesses’ needs with seasonal ebbs and flows.
Contact us today to help find what you need: 877-333-8195.
by David and Tracy Bell | Dec 20, 2021
| A Guide on How to Achieve Big Dreams |
| Ever made a New Year’s resolution that you then worry is unrealistic? The good news is there’s no such thing. Here are five steps for following the dreams you really want to achieve.
Picture your dream clearly. Focus on what your dream is. Picture it as fully and vividly as possible, and then write down exactly what you see and how you see it. Research from Dominican University’s Dr. Gail Matthews has shown people who write their goals down are 42% more likely to achieve them.
Ignore any negativity coming your way. A marathon runner is far more likely to take advice from someone who’s run a marathon than an armchair-dwelling naysayer. Take feedback from those who want you to achieve your dreams, not those who’d rather shoot you down.
Surround yourself with positive influences. Now that you’ve filtered out the negative ideas and people who’d seek to hold you back, it’s time to fill your headspace with stories and people who have achieved supposedly “unrealistic” dreams. Finding strong role models for yourself is a powerful way to break away from any limiting beliefs you may have previously had.
Spend a moment in your future self’s shoes. Think about what kind of life you’d like to look back on when you’re nearing the end. Do you want to have stories to tell, or would you rather have the regrets of not having tried? Even knowing that you did your best will leave you with a much more positive outlook.
Take action! A bodybuilder doesn’t gain muscle by just thinking about lifting weights or reading weightlifting magazines. Once you know what you want, put the tangible work in to start achieving. |
by Syndicated Insurance Resources | Dec 17, 2020
While everyone has encountered trials during 2020, the concept of expecting the unexpected continues to serve insurance brokers and agents well as we move into the years to come. Why? Because preparing for potential risks in the future is your sweet spot.
It is no secret that substantial challenges have found many small businesses reinventing the way work gets done. Those business leaders who have prepared in advance are positioned for continued growth throughout uncertain risk environments.
Are all of your clients and prospects prepared for what the future may hold? In today’s shifting times, most employers find themselves waiting for the other shoe to drop.
Since the only thing that is certain is death and taxes, use this time to help your clients prepare for the what ifs of tomorrow and the unknowns. Now is the best time for insurance brokers and agents—like you—to help employer clients prepare for tomorrow’s potential risks with a flexible mindset.
Help Employer Clients Succeed
Become a hero they remember by anticipating your existing and prospective employer client needs. Help them transform potential pain into power. Remind them that things aren’t as bad as they seem because they could be worse. Here are four ways you are well-positioned to help them succeed:
Offer Your Expertise. Don’t wait for employers to knock on your door. Proactively reach out to remind them that you’re available to help with risk preparedness for the coming year. The counsel you provide today will help employers remember you when it comes time to renew any of their insurance policies.
Provide Meeting Options. If you haven’t made the shift already, set things up so you’re able to accommodate virtual and in-person meetings. Make yourself accessible in a variety of ways to connect in a way that makes your clients comfortable. Consider options like Zoom, Skype, FaceTime for live meetings. Send free personalized video messages using Loom. When it is possible, offer outdoor coffee meetings for a change of pace.
Offer Payment Plans. With shifting payrolls, paying monthly insurance premiums based on traditional workers’ compensation systems is next to impossible. Eliminate estimates and ensure accurate payments by offering a pay-as-you-go plans. Your clients’ cash flow will improve, and end-year audits will be much easier to conduct. Short-term periods that rely on weeks instead of months will save time and money.
Find Needed Solutions. Meet your customers’ needs right where they are by finding solutions to protect their shifting workforce. With different norms created from temporary positions and short-term commitments, risk management lost control programs are critical. Spend time educating clients about ways to cut costs and share risks.
Access Free Support. Realize you’re not in this new normal alone. Syndicated Insurance Resources is well-equipped to help you find what your clients need. With access to 150+ markets and more than 40 unique customized solutions for small businesses, we specialize in helping you meet small businesses’ needs with seasonal ebbs and flows.
Contact us today to help find what you need: 877-333-8195.
by Syndicated Insurance Resources | Sep 20, 2018
Today’s digital landscape makes it harder for your insurance services to stand out.
The success of your business depends on the way you promote yourself to potential customers.
Since your expertise is about insurance, how can you market your business to find the right clients you can help?
You’ve probably discovered that you can’t count on the “spray and pray” method to produce quality results.
Effective marketing is strategic and well planned.
You can always hire someone to help with marketing.
But what if you’re not ready to make that investment?
Marketing Tips You Can Do
Here are some quick tips you can do immediately.
Online Tips
Create a Professional Website. Today’s online world makes a website essential. It is your online storefront and calling card that allows prospects to check you out. Even if your site is only one page, you need something online to showcase how you can help clients solve their need for insurance. A well-done website gives your business credibility while increasing brand recognition and building trust.
Write an Informative Email Signature. Adding an automated email signature allows prospects and customers to have your contact information. At a minimum, you want to include your name, website, phone, and email. You can use your auto signature to share links to your latest blog post (if you have one), a product offering you’re showcasing, and/or your social media accounts.
In-Person Tips
Volunteer Your Time. While time is money, one of the best ways to grow your business is by volunteering at local community events. When the events are covered in the local news – you can easily find your company listed as one of the volunteers. Volunteering also allows you to connect with community leaders and business owners who are ultimately potential customers.
Attend Networking Events. Just like volunteering, getting out into the community to make connections can go a long way. Attend local events held by your Chamber of Commerce and other professional organizations like Rotary. This is not a one and done approach. You do need to consistently invest your time and show up to be seen, noticed, and trusted.
Reciprocity Tips
Create a Branded Emergency Card. Business cards are inexpensive to create these days. Turn a business card into a wallet card that lists out key numbers to call in case of emergency. Make sure your agency name and number is in the list, along with the police, fire department, and animal hospital. Give these out to clients and prospects. Find local businesses that allow you to place a small stack of these cards out for their customers to take. Take this a step further by turning it into a refrigerator magnet you can give to every customer.
Set Up a Referral Program. Use an email marketing system to send out regular emails to your customers reminding them that you reward referrals. You can use the free version of MailChimp to do this quickly. Offer a $25 or $50 gift card for every referral that becomes your customer. Each email you send can promote your agency and reminding them you are there to help. Thank them for their business. Email your customers at least one time per month or more to provide useful tips, remind them about your referral program, and keep your willingness to help top-of-mind.
Form Helpful Partnerships. Strategically build partnerships with local organizations to bring your agency name top of mind. Consider connecting with any community entity that you can help, e.g., banks, churches, hospitals, realtors, fire, and police. Create a special offer or discount for each group’s staff or clients. Offer them free tips about how to avoid accidents (or any topic you can think of that is helpful. Let them post your info on their office bulletin board, company website, or in their email newsletter. Position your business as the agency that people are drawn to for helpful insurance insights.
While these seven marketing ideas are something you can quickly take action on, know that they are only the tip of the iceberg. There are hundreds of things you can do to market your agency.
Stay tuned when we share more marketing tips in future posts.
by Syndicated Insurance Resources | Sep 5, 2018
As an insurance agent or broker, you know that commercial auto insurance is for businesses of all sizes—large and small. Some companies are required to have it, while others are not.
Unfortunately, a lack of understanding about commercial auto insurance can raise questions for business owners. Do they really need it? What does it cover? Who is it for?
Fortunately, you can showcase your expertise when you are armed with the answers.
If you are scanning (like most of us do), know that this post is divided into two sections you can use:
- a downloadable Q&A you can share with your clients
- how we can help you find quotes
Check it out…
As an insurance veteran, you already understand why they may need commercial auto insurance. But when was the last time you had all this information written in one place?
We’ve done the work for you, by reviewing the possible questions your employer clients may have on their minds. Since our goal is to provide you with free resources that help your business grow, we put this into a downloadable PDF you can share with your employer clients.
Commercial Auto Basics
Getting the right type of coverage for your business is important—to you and to us. We know you are frequently asked about the difference between personal auto insurance and commercial auto coverage. So we put together this quick tip sheet to cover the basics about commercial auto insurance. First, let’s start with a few simple questions.
What is commercial auto insurance?
This type of insurance provides physical damage and liability coverage for vehicles used by your company.
What does this policy cover?
Commercial auto insurance covers cars, trucks, vans, and even large fleets used to help you conduct your business. This includes food trucks, work vans, and service utility vehicles.
Won’t my personal auto insurance work?
Personal auto insurance covers your personal automobile. While commercial auto insurance covers any vehicles you, or your employees, operate for business.
What types of vehicle usage could get by with personal auto insurance?
If you only use your auto to commute to the construction site or grab donuts for colleagues, you could be okay.
But it isn’t wise to risk it. When in doubt, ask your insurance agent to help guide you to make the decision that is right for you and your business.
What types of businesses typically need commercial auto insurance?
Any vehicle operation for business-related purposes needs commercial auto insurance. Note that there may be additional coverage needs for transporting passengers or hazardous materials.
The options are endless. Here are just a few examples:
- Auto parts distributors
- Commercial or residential contractors who offer things like plumbing, HVAC, roofing, etc. Food trucks and beverage services
- Miscellaneous retail or inspection services
- Pizza or other food delivery
- Service-related businesses
- Taxis or limos
Is commercial auto insurance required for all businesses?
Most states require all registered vehicles have liability insurance. Most states require the minimum insurance requirements on any vehicle. This rule applies to passenger and commercial vehicles.
Personal Auto vs. Commercial Auto: A Checklist
Since every business is different, your specific insurance needs varies based on your company’s unique situation.
While every insurance agent is the best person to walk business owners through the evaluation journey, everyone needs a starting point to frame the conversation. Here are some simple questions to consider:
- Do you use your vehicles for business more than three times per month?
- Do your employees use personal vehicles to conduct business?
- Is driving part of your job responsibility?
- Are your vehicles designed to haul things?
- Do you use your vehicle to transport people or property?
- Are your vehicles registered to a business?
If you answered yes to any one of the questions in the checklist, you might need to upgrade to a commercial auto policy. Email or call our office to schedule a time to discuss your business needs.
Expand Your Insurance Product Offerings
Providing insurance coverage to businesses opens up a world of opportunities for the types of products you sell.
At Syndicated, we focus on providing insurance brokers and agents the right solutions.
You know we offer workers’ comp products. But did you know we can help you find property, general liability, and commercial auto solutions, too?
With Syndicated you can:
- Access more than 150 markets and 40+ unique product options.
- Tap into more markets and get competitive quotes with our free service.
- Use our broker gateway to earn higher-than-industry-average commissions.
Bottom line: You have everything to gain when you sign up for a free account with Syndicated today.
You may already have a free account, but you want to talk to someone about your recent submission, alternative risk manage, or pay-as-you-go premiums. You can contact us here.
